The coverage ratio of the Netherlands’ Pensioenfonds Hoogovens fell from 101.6 per cent to 94.7 per cent in March, it has revealed.
The fund said the actuarial interest rate had a negative effect of 7.0 percentage points on the development of the current funding ratio. At the end of last year, the coverage ratio of the scheme was 111.5 per cent.
In addition, the value of the invested capital has decreased from €9,545m to €8,633m since the start of the year.
Its policy funding ratio, the average coverage ratio over 12 months, fell from 107.6 per cent to 106.1 per cent over March. The policy funding ratio is therefore 13.7 percentage points lower than the required funding ratio of 119.8 per cent, the fund said.
At the end of 2019 the policy funding ratio was 109 per cent.
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